# In the matter of Minesh Prints Limited CP.(IB)-4461-(MB)-2019

> NCLT judgment dated 2020-03-04. Citation: TCN-2020-NCLT-01654. Minesh Prints Limited filed a company petition under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 4 Mar 2020
- **Citation:** TCN-2020-NCLT-01654
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/minesh-prints-limited-cpib-4461-mb-2019-0b472de6

## Summary

### Background

Minesh Prints Limited filed a company petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company, incorporated on 20/02/1992, has a registered office in Mumbai and a paid-up share capital of ₹82,77,000/-. The shareholders passed a special resolution on 13.11.2019 to file the application for CIRP.

## Facts

Minesh Prints Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP). The company's registered office is located in Mumbai, and it was incorporated on 20/02/1992. The shareholders passed a special resolution on 13.11.2019 to file the CIRP application. The company owes ₹1,52,10,392/- to unsecured financial creditors and ₹16,91,97,339/- to operational creditors, totaling ₹18,44,07,731/- in liabilities. The company's operational debt towards operational creditors is outstanding for more than six months. Some creditors have initiated recovery actions, including legal notices and arbitration petitions. The company has no outstanding secured loans except for one with Bank of

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## Issues and analysis

### Issue 1: Whether the petition filed by Minesh Prints Limited under Section 10 of the Insolvency and …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016, allows a corporate applicant to

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**Reasoning:** The NCLT reviewed the petition and supporting documents and found that the Corporate

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**Interpretation:** Section 10 provides a mechanism for a corporate debtor to initiate insolvency

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**Application:** The NCLT applied Section 10 to the facts presented by Minesh Prints Limited,

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## Parties

- **Judges:** SUCHITRA KANUPARTH…; V. Nallasen…; +1 more
- **Respondents:** Minesh Prints…

## Timeline

- **1992-02-20 — Incorporation o…**: Minesh Prints Limited…
- **2019-11-13 — Special Res…**: Shareholders passed a special resolution for filing an application under section 10 of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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